RV and manufactured housing industry supplier firm Drew Industries Inc. reports its third quarter earnings more than doubled to almost $3 million despite basically flat sales.
The company’s third quarter sales totaled $75.3 million, compared with $74.9 million a year ago.
Better Bath, the thermoformed bath and shower enclosure supplier that Drew acquired effective June 1 contributed $193,000 in earnings and $6 million in sales during the third quarter.
Drew’s sales to the RV industry grew by 8% in the third quarter to $29.5 million due to market share gains, which offset lower RV production volume during the July-through-September period.
The third quarter operating profit at Drew’s RV business, which includes towable RV chassis supplier Lippert Components and Kinro’s window and door manufacturing operations, also more than doubled to $2.9 million.
During the nine months ended Sept. 30, Drew’s earnings increased 11% to $6.8 million despite a 10% decline in sales to $206 million.
Drew reports its orders from RV manufacturers softened after the terrorist attacks on Sept. 11, but the company believes RV sales might become stronger long term “if people favor travel within the U.S. by RV over flying within the U.S. or abroad.”